Skip to comments.Anadarko Discloses Major Oil Find in Colorado
Posted on 11/14/2011 2:17:27 PM PST by Fractal Trader
Anadarko Petroleum Corp. said that land it has leased in the Wattenberg oil field in northern Colorado may hold more than a billion barrels of recoverable oil and natural gas, in the latest sign that energy production in the U.S. is set to surge.
The disclosure could vault the Wattenberg onto a growing list of major new oil discoveries in the United States, joining the Bakken Shale in North Dakota and the Eagle Ford in South Texas. These new sources of oil are reversing four decades of declining domestic energy production.
What is making them possible are new technologies, including horizontal drilling of wells that start vertically and then turn to run horizontally through energy-rich rocks. Another key technology is hydraulic fracturing, which involves pumping millions of gallons of water and sand, along with chemicals, to break open deeply buried rocks and free oil and natural gas.
James Hackett, chairman and chief executive of Anadarko Petroleum, said he thinks current U.S. oil production could be doubled in the next 25 years.
"The resource is there and the technology is there," he said in an interview.
Echoing industry concerns, he says he is worried that anti-drilling sentiment could prevent this growth. The industry's use of hydraulic fracturing, in particular, has prompted concerns about pollution; the federal government and several states are studying whether new regulations on water use and air emissions are needed.
Anadarko is announcing that 11 recent wells in the Wattenberg have given it confidence that it can drill between 1,200 and 2,700 wells in northeast Colorado. It plans to drill about 160 wells next year.
Based on early results, it expects its wells will ultimately yield between 500 million and 1.5 billion barrels of oil, natural gas liquids, and natural gas.
(Excerpt) Read more at online.wsj.com ...
Shhh, don’t let the one hear this.
I was just reading this, not 5 minutes ago.
Anadarko Provides Horizontal Niobrara Update
Wattenberg HZ Program Highlights
Future drilling locations: 1,200 - 2,700
Estimated ultimate recoveries (EURs): 300,000 - 600,000 BOE per well
Net resources: 500 million - 1.5 billion BOE
Initial well costs: $4.0 - $5.0 million
Liquids ratio: ~ 70 percent
Wow, this is my backyard!
There will be lots of dough flushing through Denver.
Perhaps of interest to you if you have not yet seen it.
HAAHAAAAA! You're kidding, right WSJ? Not until the dems in congress and the socialist in the White Hut are thrown under their respective buses.
Even then, the well-funded environmental NGOs will be on the case, filing suit after suit after suit to stop any progress
Peak Oil? Yea, sure.
the 7 sisters of oil will not let this oil come to market. Look for this company to be bought out and the well shut down. for more information on the 7 sisteras read a great book by Dean Henderson Big Oil & Their Bankers In the Persian Gulf: Four Horsemen, Eight Families and Their Global Intelligence, Narcotics and Terror Network
Get rid of Jug Ears and this economy can surge. Until then we are shackled by EPA and Dept of Interior eco-kooks
Is this shale-related? They do not seem to mention it.
I know we discussed a while back that there were some really interesting experiments with shale-derived oil in Colorado (similar to Israel’s newfound reserves). Is this related?
The Niobrara is more of a chalk with source rock interbedded within it. Similar to the Austin Chalk of Texas, with the Eagle Ford Shale underlying it.
Oops, I guess the news was released after the close. Looks like their stock is up some in after-hours trading.
US oil and gas CANNOT surge while the Muslim imposes illegal drilling moratoriums and bans oil & gas pipelines!
the 7 sisters of oil will not let this oil come to market.
You need to get a little more current on the state of oil around the world.
Oil is being found everywhere right now in all forms, shale, sand, in the east and in the west. There are lots of companies doing just what Anadarko is doing. The only one that will stop them is Obama.
The Niobrara has been a tough nut to crack because of its high clay content (i.e. not as much porosity and difficulty in fracing due to its ductile nature) than other shale plays.
They seem to be getting some decent flow rates out of the 11 wells
“The results to date demonstrate the Wattenberg HZ program is among the most cost-efficient development projects in our U.S. onshore portfolio, and with initial wells averaging payouts of 10 months, we expect it to quickly become a self-funding, significant cash-flow generator,” said Meloy. “With our extensive land position and the drilling results to date, we envision drilling another 1,200 to 2,700 horizontal wells in the core Wattenberg field acreage.
You are way out of date. Many of the 7 sister no longer exist and those that are left have next to no influence compared to the national oil companies. Those days ended decades ago.
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